Lucid stated that the Public Investment Fund of Saudi Arabia, the largest shareholder in the EV company, will provide USD 1.5 billion in finance to the company before it expects to increase production of a new SUV.
Shares of the EV company increased 6% during extended trading following a 3.9% loss during the regular session.
This investment will provide Lucid with sufficient funding until Q4 of FY25, when it is scheduled to launch its Gravity SUV later this year.
Along with other investments, the money will go toward building the business’s 1,50,000-vehicle-per-year SUV plant in Saudi Arabia and purchasing tools for it, according to CEO Peter Rawlinson of the company, who spoke.
In what is a second investment from the PIF affiliate this year, Ayar Third Investment has okayed a USD 750 million investment in Lucid, via a convertible preferred stock, and it will also offer a credit line of a similar amount.
The sovereign wealth fund roughly holds a 60% interest in the company. Lucid is also gearing up to expand its product line with a more affordable mid-size car expected to roll out in late 2026.
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